The chancellor's announcement to abolish the Office of Tax Simplification (OTS) has surprised the UK's leading tax and accountancy bodies who find the decision counterintuitive to the chancellor's aims of tax simplification.
SME Tax News
In his mini-budget on 23 September 2022, Chancellor Kwasi Kwarteng announced plans to drive growth and unlock housing by developing new Investment Zones across the UK.
Chancellor Kwasi Kwarteng announced changes to thresholds at which Stamp Duty Land Tax (SDLT) applies in his mini-budget on 23 September 2022.
In his mini-budget on 23 September 2022, Chancellor Kwasi Kwarteng announced a complete reversal of the Off-Payroll Working reforms. This was reversed on 17 October 2022 by the new Chancellor Jeremy Hunt.
As part of his plans to promote growth in the economy, Chancellor Kwasi Kwarteng announced changes to the Annual Investment Allowance (AIA) in his mini-budget on 23 September 2022.
In his mini-budget on 23 September 2022, Chancellor Kwasi Kwarteng, announced two reductions in the rate of Income Tax. [This was reversed on 17 October 2022 by the new Chancellor Jeremy Hunt.]
Chancellor Kwasi Kwarteng announced a reversal of the planned increase in Corporation Tax in his mini-budget on 23 September 2022. [This proposal was reversed by the Prime Minister on 14 October 2022]
In his Mini-budget 2022, Chancellor Kwasi Kwarteng announced that the rate of dividend tax will be reduced to its pre-April 2022 rate from 2023. [This was reversed on 17 October 2022 by the new Chancellor Jeremy Hunt.]
Live highlights of announcements made in the Mini-Budget 2022, held on 23 September 2022 by Kwasi Kwarteng, Chancellor of the Exchequer.
The Chancellor, Kwasi Kwarteng, announced prior to his mini-budget in September 2022 that the rise in National Insurance Contributions (NICs) rate of 1.25% which was introduced on 6 April 2022, will be reversed from 6 November 2022. The decision to reverse the increase is part of a package of measures aimed at reducing tax rises introduced by the government in recent years.